OPEC chief says cuts will take a while to raise prices

NEW YORK (MarketWatch) -- The head of the Organization of the Petroleum Exporting Countries said Sunday that it will take some time for recently announced production cuts to translate into higher crude oil prices, according to Agence France-Presse.

Algerian Energy Minister and current OPEC head Chakib Khelil was quoted as saying the cuts "will take a long time to take hold," because production is still higher than current demand.

"Everything depends on the global economic situation," Khelil said.

Crude oil, which hit a record of about $147 a barrel earlier this year, has recently fallen to under $70 a barrel, with analysts saying excessive speculation and a global economic slump led to the bursting of the commodities bubble.

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